Barwa Bank set for IPO in next 12 months

13 June 2013

Lender also set to look at issuing Islamic bonds

Qatar’s Barwa Bank is aiming to complete its listing on the Qatar Exchange in the next 12 months, according to chief executive Steve Troop.

“We have shareholder approval to proceed with a listing in parallel with a rights issue, and we are in what we hope is final dialogue with the authorities to progress with that,” says Troop.

The bank is also planning to get a credit rating later this year, as part of its plans to issue sukuk (Islamic bonds).

Barwa Bank plans to raise QR2.05bn ($563m) through the listing and share sale. This will increase the bank’s capital to QR4bn and allow the bank to play a larger role in financing Qatar’s infrastructure projects.

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